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Neutral Taxation of Shareholder Income? Corporate Responses to an Announced Dividend Tax
Alstadsæter, Annette; Fjaerli, Erik - CESifo - 2009
The introduction of the 2006 Norwegian shareholder income tax was announced in advance, and it increased top marginal tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a large panel of non-listed corporations, with a surge of...
Persistent link: https://www.econbiz.de/10005765924
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The Ifo Investment Database
Strobel, Thomas; Sauer, Stefan; Wohlrabe, Klaus - CESifo - 2013
In this paper we present the Ifo Investment Database, which provides annual investment data for 12 investment assets in … allows allocating investments by asset type to each industry, using an investment flow matrix. The database enables … researchers to analyze structural investment behavior on the industry level and to identify changes in the importance of in-vestment …
Persistent link: https://www.econbiz.de/10010877644
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Global Warming and a Potential Tipping Point in the Atlantic Thermohaline Circulation: The Role of Risk Aversion
Belaia, Mariia; Funke, Michael; Glanemann, Nicole - CESifo - 2014
Common integrated assessment models produce the counterintuitive result that higher risk aversion does not lead to stronger near-term abatement. This paper re-examines this result with a DICE model that is fully coupled with a thermohaline circulation model. It also features Epstein-Zin utility...
Persistent link: https://www.econbiz.de/10010886106
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Investing in Biogas: Timing, Technological Choice and the Value of Flexibility from Inputs Mix
Corato, Luca Di; Moretto, Michele - CESifo - 2009
In a continuous-time framework we study the technology and investment choice problem of a continuous co … flexible technology allowing for such option. Investment is irreversible and flexibility is costly. The problem is solved … determining in the light of future prospects the optimal revision and then playing backward fixing the investment timing rule. …
Persistent link: https://www.econbiz.de/10005013066
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Sacrifice, Discounting and Climate Policy: Five Questions
Karp, Larry S. - CESifo - 2009
I offer a selective review of discounting and climate policy. Analytic and numerical models show that different assumptions greatly change the degree to which decisions about climate policy depend on the discount rate. I discuss a claim that standard models exaggerate the current generation’s...
Persistent link: https://www.econbiz.de/10005013940
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Dark Clouds or Silver Linings? Knightian Uncertainty and Climate Change
Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - CESifo - 2011
This paper examines the impact of Knightian uncertainty upon optimal climate policy through the prism of a continuous-time real option modelling framework. We analytically determine optimal intertemporal climate policies under ambiguity. Additionally, numerical simulations are provided to...
Persistent link: https://www.econbiz.de/10009221550
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The Signalling Channel of Central Bank Interventions: Modelling the Yen / US Dollar Exchange Rate
Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - CESifo - 2011
This paper presents a theoretical framework analysing the signalling channel of exchange rate interventions as an informational trigger. We develop an implicit target zone framework with learning in order to model the signalling channel. The theoretical premise of the model is that interventions...
Persistent link: https://www.econbiz.de/10009324091
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Optimal Management with Potential Regime Shifts
Polasky, Stephen; Zeeuw, Aart de; Wagener, Florian - CESifo - 2010
We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock collapse versus changes in system dynamics, and exogenous versus endogenous probabilities of regime shift. Prior...
Persistent link: https://www.econbiz.de/10008727304
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Inter- and Intra-generational Consequences of Pension Buffer Policy under Demographic, Financial and Economic Shocks
Bucciol, Alessandro; Beetsma, Roel - CESifo - 2009
We study numerically the inter- and intra-generational welfare consequences of alternative pension fund policies in response to unexpected demographic, financial and macro-economic shocks. Our analysis is based on an applied many-generation OLG model describing a small-open economy with...
Persistent link: https://www.econbiz.de/10008534014
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A Critique of the Literature on the US Financial Debt Crisis
Stein, Jerome L. - CESifo - 2010
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10008534053